Notes






Chapter - 1






Introduction:
Marketing is as old as civilization. It started when producers began to produce more than they can consume. They need to sell off their surplus. First they do it locally, but as the surplus increases, they have to extend the local market in to wider markets such as the national and international markets. Marketing includes all those activities which are directly concerned with demand stimulating and demand fulfilling.

Marketing management:
Definition: American Marketing Association
“Marketing management is the process of planning and executing the concretion, pricing, promotion and distribution of goods, services and ideas to create exchanges with target groups that satisfy customer and organizational goals”

Marketing: Definition
  1. American Marketing Association: “marketing is concerned with the people and the activities involved in the flow of goods and services on sale basis from the producer to the consumer”
  2. Buddy & Reizan: “marketing is the economic process by which goods services are exchanged and values determined in terms of money prices.”
  3. H. L. Hansen: “M. is the economic process of discovering and translating consumer needs wants into products  and service specification, creating demand for these products and services and then in turn expanding this demand”
  4. Pual Mazur: “M. is the delivery of standard of living of society.”

Importance:
To society:
  1. Delivery of standard of living.
  2. Provides employment.
  3. Reduction in distribution cost.
  4. Increase in national income,
  5. Protection against business slump.
To the firm:
  1. Business planning & decision making.
  2. Increasing profits.
  3. Source of information.
To underdeveloped economy
To developed country
Importance in buyer’s and seller’s market

Functions or marketing task:
  1. Buying & assembling.
  2. Selling.
  3. Storage & warehousing.
  4. Transportation.
  5. Standardization & grading.
  6. Branding & packing.
  7. Marketing research.
  8. Advertising.
  9. Financing.
  10. Market information.
  11. Pricing.
  12. Sales promotion.




Regulated markets:
Meaning:
Free markets contrast sharply with controlled markets or regulated markets, in which governments directly or indirectly regulate prices or supplies, which according to free market theory causes markets to be less efficient. Where government intervention exists, the market is a mixed economy.

vyaa#yaa: inayaM~It baajaar:
“jaI baajar pQdtI sarkar ikMvaa eKaVa saMsqaomaaf-t inayaM~It kolaI jaato ASaa baajaarasa inayaM~It baajaar Asao mhNatat.”

Importance:
1. for controlling frauds & errors. 2. for controlling pricing fluctuation in the market. 3. for avoiding stocking. 4. for keeping check on monopoly. 5. for maintaining supply as per demand. 6. for assured quality in the product.

mah%vao:
1. cauka AaiNa gaOrp`kar TaLNyaasaazI. 2. kIMmatItIla caZ ]tar inayaM~It krNao. 3. maalaacaI saazvana qaaMbavanyaasaazI. 4. ma@todarIvar inaba-MQa AanaNyaasaazI. 5. purvaza maagaNaInausaar inayaM~It krNyaasaazI. 6. maalaacaa zrvalaolaa djaa- tpasaNyaasaazI.

Functions:
1. To restrict monopolistic practices in the market. 2. To maintain standards in the products. 3. To check on frauds and errors. 4. To balance between supply and demand. 5. To maintains ups & downs (price fluctuations). 6. To avoid stocking.

kamao:
1. baajaaratIla ma@todarIyau@t vyavasaaya qaaMbavaNao. 2. vastutIla gauNava<aa inayaM~It krNao. 3. cauka AaiNa gaOrp`kar TaLNao. 4. purvaza va maagaNaI yaaMtIla samataola raKNao. 5. ikMmatItIla samataola raKNao. 6. maalaacaI saazvana qaaMbavaNao.

Definition & meaning of stock exchange:
  1. A place where stocks, bonds, or other securities are bought and sold..
  2. An association of stockbrokers who meet to buy and sell stocks and bonds according to fixed regulations.

vyaa#yaa:
1.                ASaI jaagaa jaoqao BaagaaMcaI,  bonds, ikMvaa  securities caI KrodI va ivak`I kolaI jaato.
2.               dlaalaaMcaI saMGaTnaaM jaovha zravaIk naIyamaaMtga-t Baaga KrodI va ivak`I krNyaasaazI jaovha ek~ yaotat, ASaa izkanaasa stock exchange mhnatat.

Importance:
1. Easy fluctuation of capital. 2. Easy availability of trading. 3. low cost of trading. 4. Less time consumption during process. 5. Less paper work. 6. Easy distribution of dividend and bonus shares.


mah%vao:
1. BaaMDvalaacao saurLIt sqalaaMtr. 2. saaopI vyaapar pQdtI. 3. vyaaparacaa Alp Kca-. 4. p`k`IyaotIla kmaI vaoL. 5. kagad vajaa kamao. 6. laaBaaMSa va baaonasa Saoyar yaaMcao yaaogya vaaTp.

Functions:
1.      To buy & sell securities. 2. To facilitate investment by individuals & organizations. 3. To provide physical location or venue. 4. To establish rules for fair trading practices. 5. To regulate trading activities. 6. To make transparency in the system.

kamao:
1. BaagaaMcaI KrodI va ivak`I. 2. vya@tI va saMGatnaa yaaMkDUna haonaa-yaa gauMtvanaukIvar saulaBata. 3.zravaIk sqaL purvaNao. 4. yaaogya vyaapar pQdtIsaazI naIyama zrvaNao. 5. vyaapar pQdtI naIyaM~It krNao. 6. yaM~naot pardSa-kta AanaNao.

Definition & meaning of Commodity exchange:
1.      An exchange for buying and selling commodities for future delivery.
2.      Commodity exchange is the centralize place where buying and selling of commodities (goods) takes place.

vyaa#yaa:
1.                BaivaYya kaLasaazI vastUMcaI KrodI va ivak`I krNyaacaI p`k`Iyaa mhNajao vastU ivanaImaya haoya.
2.                  vastU ivanaImaya baajaar mhNajao Asao koMd`Iya sqaL kI jaoqao vasqaUMcaI KrodI va ivak`I haoto.

Importance:
1. Auction system. 2. Availability of goods. 3. Maximum purchases at low available cash. 4. No requirement of warehouse for stocking. 5. for trading multiple commodities.

mah%vao:
1. ilalaava pQd\t. 2. vastUMcaI ]plabQata. 3. kmaI d`vyaamat jaastIcao vyavahar. 4. saazvaNaIsaazI jaagaocaI garja na jaanavanao. 5. vaogavaogaLyaa vastUMcao vyavahar.

Functions:
1. To control price inflation. 2. To make available all commodities. 3. To give easy trading facilities. 4. To make available transparency. 5. To restrict monopolist.

kamao:
1. ikMmatotIla tojaI inayaM~It krNao. 2. sava- vastU ]plabQa k$na doNaoo. 3. saaopI vyaapar pQdtI ]plabQa k$na doNao. 4. pardSa-kta AanaNao. 5. ma@toKaoraMnaa ATkava krNao.

 Chapter - 2


Market segmentation:
Introduction: A ‘marketing segment’ is a meaningful buyer group having similar wants. Segmentation is a customer oriented marketing strategy. “market segmentation” is a process of identifying smaller markets that exists within a large market. “MS” is a method for achieving maximum market response from limited marketing responses by recognizing differences in the response, characteristics of various parts of the market.

Definitions:
  1. W. J. Stanton: “The process of taking the total heterogeneous market for a product and dividing it into several sub-markets or segment, each of which tends to be homogenous in all subsequent aspects.”
  2. Philip Kotler: “MS is subdividing of a market into distinct and homogenous sub-groups of customers, where any group can conceivably be selected as a target market to be met with distinct marketing mix.”

Importance: 1. adjustment of product & marketing Appeals.
2. Better passion to spot marketing opportunities. 3. Allocation of marketing budget. 4. Making the effective competition. 5. Effective marketing programme. 6. Evaluation of marketing activities. 7. Increase in sales volume.

Bases for Market Segmentation:
1. Geographic Seg. 2. Demographic Seg. 3. Psycho-graphic Seg. 4. Behaviouristic Seg.

Marketing Mix:
Introduction:
Generally marketing mix includes four P’s of marketing. These four P’s of marketing are Product, Price, Promotion and Place (Distribution). The concept is simple. Think about another common mix - a cake mix. All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar. It is the same with the marketing mix. The offer you make to you customer can be altered by varying the mix elements.

Product Decisions:
Introduction:
The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made:
Brand name
Functionality
Styling
Quality
Safety
Packaging
Repairs and Support
Warranty
Accessories and services
Definition of product mix: “Product mix is the set of all products and items that a particular seller offers for sale to buyers.”
Example: Bajaj producing different products like car in automobile sectors, bulbs in electronics, water heater, bikes etc.

Factors influencing Product Mix: 1. change in market demand. 2. Cost of production. 3. Economies of large scale production. 4. Advertising & distribution factors/ cost.
5. Use of wastage. 6. Profitability. 7. Reaction to competitors. 8 change in the purchasing power. 9. Change in factors affecting demand. 10. Marketing capacity.
11. Goodwill of the company. 12. Availability of resources.
  1. Breadth width dimension: is measured by the number of variety of products produced by a single firm e.g. Bajaj.
Dimension/ aspects/ types/ kinds of product mix:
  1. Depth dimension: it refers to the size, colour and models with in each product.
  2. Consistency dimension: refers to the relationship in the various products in terms of production requirements, their use & distribution.

Price Decisions:
Introduction:
Some examples of pricing decisions to be made include:
Pricing strategy (skim, penetration, etc.)
Suggested retail price
Volume discounts and wholesale pricing
Cash and early payment discounts
Seasonal pricing
Bundling
Price flexibility
Price discrimination
Definition: “PRICE MIX is the value of the product determined by the producers. Price mix includes the decisions as to: Price level to be adopted; discount to be offered; and, terms of credit to be allowed to customers.”

Importance & objectives: 1. to maximize profit. 2. Price stability. 3. Competitive situation. 4. Achieving a target-return. 5. Capturing the market. 6. Ability to pay.
7. Long run welfare of the firm.
Factors influencing pricing:
Internal factors: 1. cost of manufacturing and marketing. 2. Objectives of a company. 3. Characteristics of the product like product life cycle, perishability, substitution etc. 4. Channel management.
External factors: 1. competitor’s pricing policy. 2. Government rules & regulations. 3. Demand for product. 4. Buyer behaviour. 5. The socio economic environment.
6. Ethical considerations.

Distribution (Place) Decisions:
Introduction:
Distribution is about getting the products to the customer. Some examples of distribution decisions include:
Distribution channels
Market coverage (inclusive, selective, or exclusive distribution)
Specific channel members
Inventory management
Warehousing
Distribution centers
Order processing
Transportation
Reverse logistics

Definition of channel of distribution: Philip Kotler: “Every producer seeks to link together the set of marketing intermediaries that best fulfill the firm’s objectives. This set of marketing intermediaries is called the marketing channel, also trade channel or channel of distribution.”
Factors affecting selection of channel of distribution:
  1. Product characteristics: purchase frequency, perishability, weight, technicality, selling price per unit, standardize product & ordered product.
  2. Market: markets like consumers, industrial, number of purchase, geographical distribution, size of orders, customer’s buying habits.
  3. Company factors: financial resources, size of the company, attitude of company, marketing policy.
  4. Middlemen consideration: service provided by him, attitude, availability, sales volume, cost of channel.
  5. Environmental factors: economic conditions, legal restrictions, social & ethical consideration.

Promotion Decisions:
Introduction:
Promotion is the persuasive communication about the product by the market to the prospective buyer. It covers:
Promotional strategy (push, pull, etc.)
Advertising
Personal selling & sales force
Sales promotions
Public relations & publicity
Marketing communications budget

Advertising:
Definition:
The American Marketing Association: “advertising is any paid form of non-personal presentation and promotion of ideas, goods, and services by an identified sponsor.”
Types of advertising:
  1. Moral advertising: This type of advertisement contains hording etc. e.g. airtel boards in parking place.
  2. Press Advt: comes in news paper, magazines etc.
  3. Film Advt: advertisement through audio, video aids like picture slides & films.
  4. radio advertisement
  5. Television Advertisement.
  6. Transit Advt: cards advt which locate within buses, subways, railways and outside displays, which appear on the front, sides & back of buses.
  7. Direct mail: postal transmission.
  8. Advertising specialities: includes calendars, books, matches, pen, pencils, knives, diaries, paper weights, electronic clocks etc.



Chapter – 3.
Product Decisions:
Introduction:
The term "product" refers to tangible, physical products as well as services. Here are some examples of the product decisions to be made:
Brand name
Functionality
Styling
Quality
Safety
Packaging
Repairs and Support
Warranty
Accessories and services
Definition of product mix: “Product mix is the set of all products and items that a particular seller offers for sale to buyers.”
Example: Bajaj producing different products like car in automobile sectors, bulbs in electronics, water heater, bikes etc.

Factors influencing Product Mix: 1. change in market demand. 2. Cost of production. 3. Economies of large scale production. 4. Advertising & distribution factors/ cost.
5. Use of wastage. 6. Profitability. 7. Reaction to competitors. 8 change in the purchasing power. 9. Change in factors affecting demand. 10. Marketing capacity.
11. Goodwill of the company. 12. Availability of resources.
  1. Breadth width dimension: is measured by the number of variety of products produced by a single firm e.g. Bajaj.
Dimension/ aspects/ types/ kinds of product mix:
  1. Depth dimension: it refers to the size, colour and models with in each product.
  2. Consistency dimension: refers to the relationship in the various products in terms of production requirements, their use & distribution.
Product planning:
The product plan helps resolve issues related the markets, the types of products and the opportunities that the company will invest in and the resources required to support product development. More specifically, the product plan is used to:
Define an overall strategy for products to guide selection of development projects;
Define target markets, customers, competitive strengths, and a competition strategy (e.g., competing head-on or finding a market niche);
Position planned products relative to competitive products and identifies what will differentiate or distinguish these products from the competition;
Rationalize these competing development projects and establish priorities for development projects;
Provide a high-level schedule of various development projects; and
Estimate development resources and balance project resource requirements with a budget in the overall business plan.

Definition:
Product planning is the process of deciding in advance about target markets, customers, competitive strengths and strategy.

Importance: 1. for effective marketing. 2. for better promotion of the product. 3.  for maximization of sales. 4. To target respective demand of consumer group. 5. for allocation of proper product at proper place. 6. for giving competition. 7. for capturing market.

Product Life Cycle:
A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.
The product revenue and profits can be plotted as a function of the life-cycle stages as shown in the graph below:




  1. Introduction Stage:
In the introduction stage, the firm seeks to build product awareness and develop a market for the product. The impact on the marketing mix is as follows:
    • Product branding and quality level is established and intellectual property protection such as patents and trademarks are obtained.
    • Pricing may be low penetration pricing to build market share rapidly, or high skim pricing to recover development costs.
    • Distribution is selective until consumers show acceptance of the product.
    • Promotion is aimed at innovators and early adopters. Marketing communications seeks to build product awareness and to educate potential consumers about the product.

  1. Growth Stage
In the growth stage, the firm seeks to build brand preference and increase market share.
    • Product quality is maintained and additional features and support services may be added.
    • Pricing is maintained as the firm enjoys increasing demand with little competition.
    • Distribution channels are added as demand increases and customers accept the product.
    • Promotion is aimed at a broader audience.

  1. Maturity Stage
At maturity, the strong growth in sales diminishes. Competition may appear with similar products. The primary objective at this point is to defend market share while maximizing profit.
·        Product features may be enhanced to differentiate the product from that of competitors.
·        Pricing may be lower because of the new competition.
·        Distribution becomes more intensive and incentives may be offered to encourage preference over competing products.
    • Promotion emphasizes product differentiation.

  1. Decline Stage
As sales decline, the firm has several options:
    • Maintain the product, possibly rejuvenating it by adding new features and finding new uses.
    • Harvest the product - reduce costs and continue to offer it, possibly to a loyal niche segment.
    • Discontinue the product, liquidating remaining inventory or selling it to another firm that is willing to continue the product.

The marketing mix decisions in the decline phase will depend on the selected strategy. For example, the product may be changed if it is being rejuvenated, or left unchanged if it is being harvested or liquidated. The price may be maintained if the product is harvested, or reduced drastically if liquidated.

Price Decisions:
Introduction:
Some examples of pricing decisions to be made include:
Pricing strategy (skim, penetration, etc.)
Suggested retail price
Volume discounts and wholesale pricing
Cash and early payment discounts
Seasonal pricing
Bundling
Price flexibility
Price discrimination
Definition: “PRICE MIX is the value of the product determined by the producers. Price mix includes the decisions as to: Price level to be adopted; discount to be offered; and, terms of credit to be allowed to customers.”
Importance & objectives: 1. to maximize profit. 2. Price stability. 3. Competitive situation. 4. Achieving a target-return. 5. Capturing the market. 6. Ability to pay.
7. Long run welfare of the firm.



Factors influencing pricing:
Internal factors: 1. cost of manufacturing and marketing. 2. Objectives of a company. 3. Characteristics of the product like product life cycle, perishability, substitution etc. 4. Channel management.
External factors: 1. competitor’s pricing policy. 2. Government rules & regulations. 3. Demand for product. 4. Buyer behaviour. 5. The socio economic environment.
6. Ethical considerations.

Pricing strategies or methods or kinds:
  1. Cost-plus pricing or Mark-up pricing or average cost pricing:  in this certain percentage is added in average variable cost.
            Price= AVC + AVC (m)
            AVC (m) is the mark up % of AVC so as to cover average fix cost & net profit margin (NPM). This method is often used by retailers & manufacturing industries. Limitations- 1. Neglect demand side of market. 2. % is roughly calculated. 3. Based on AVC which varies frequently. 4 when MC=MR, profit is maximum but this method neglects this. Usefulness: 1. for retail traders, public utility services like railway, post offices, electricity etc.
  1. Full cost pricing: price is equal to average cost without considering profit mark. This method is used in public sector & co-operative sector undertakings. But this method also neglect demand side & profit % but profit is the motive.
  2. Going rate pricing: prices are fixed on the basis of the price of competitors / market leader product.
  3. Sealed bid pricing:  sellers invites bid in sealed covers from prospective buyers.
  4. Subsiding pricing: Price = Average Cost – Subsidies. This method is used in fixing the price of LPG, Rockel and Fertilizers etc.
  5. Skimming Pricing: means setting high price initially and reduced it gradually. This method is used for fixing price of new product at the introduction stage.
  6. Penetrating Pricing: opposite of skimming pricing. A low price for new product is fixed to enter in to the market. Conditions for the success of this method are- more elastic demand, wider marker, large scale production etc.
  7. Experimental pricing: price is fixed on trial & error basis in selected markets. Price giving maximum profit is to be fixed or selected.
  8. Initiative pricing: this price is to be fixed by leader firm & other follows it.
  9. Marginal cost pricing: price is equal to marginal cost. Price= AR= MC.
  10. Odd pricing: price ending with odd numbers. E.g. Rs. 99.99, Rs. 27.27.
  11. Psychological prices: fixed in full number e.g. Rs. 500.
  12. Prestige prices: used for luxurious goods because rich customers think that high price indicates high quality.
  13. Dual pricing: same product at different prices e.g. railway, electricity.
  14. Administered prices: fixation of price as per government policy & not on the basis on demand & supply.
  15. Geographic prices: different prices at different location.

Consumer Behaviour:
Definition of Buying Behavior:
Buying Behavior is the decision processes and acts of people involved in buying and using products.

Influencing factors on CB:
  1. Cultural factors: cultural, sub-cultural, social class.
  2. Social factors: reference group, family, roles & status.
  3. Personal factors: age & life cycle stage, occupation, economic determinants, life styles, personality and self concept.
  4. Psychological factors: motivation, learning, perception, attitudes & beliefs.

Types:
The four type of consumer buying behavior are:
  1. Routine Response/Programmed Behavior--buying low involvement frequently purchased low cost items; need very little search and decision effort; purchased almost automatically. Examples include soft drinks, snack foods, milk etc.
  2. Limited Decision Making--buying product occasionally. When you need to obtain information about unfamiliar brand in a familiar product category, perhaps. Requires a moderate amount of time for information gathering. Examples include Clothes--know product class but not the brand.
  3. Extensive Decision Making/Complex high involvement, unfamiliar, expensive and/or infrequently bought products. High degree of economic/performance/psychological risk. Examples include cars, homes, computers, education. Spend alot of time seeking information and deciding.
Information from the companies MM; friends and relatives, store personnel etc. Go through all six stages of the buying process.
  1. Impulse buying, no conscious planning.

    Chapter - 4



    Introduction:
    Now a days, it has become necessary to study systematically the different aspects relating to the marketing process with regards to fulfilling the expectations and needs of the customers by introducing the right product, at the right time and at the right place. It involves gathering, analyzing, processing and interpretation the information to help the management to understand and identify the problems, opportunities, marketing environment and develop the course of action to achieve the marketing objectives.

    Definition of MR:
    1. Clark & Clark: “MR is the careful, objective study of product design market and such transfer of activities, like physical distribution, warehousing, advertisement and sales management.”
    2. R. D. Crisp: “MR is the systematic, objective and exhaustic search for the study of the facts relevant to any problem in the field of marketing.”
    3. Philip Kotler: “MR is the systematic problem analysis, model building and fact finding for the purpose of improved decision-making and control in the marketing of goods and services.”

    Aims & Objectives:
    1. To define the problem regarding product.
    2. To assess the competitors strengths and policies.
    3. To estimate potential.
    4. To indicate the distribution methods best suited to the product and market.
    5. To assess the probable volume of futures sales.
    6. To know the customers acceptance.
    7. To formulate marketing plans, policies, programmes and procedures.
    8. To reduce and minimize all types of marketing cost.

    Importance:
    1. Competitive pressure.
    2. Marketing complexity.
    3. Cost mistake.
    4. Growing consumer expectations.
    5. Flexibility.
    6. Meeting the new situations.

    MR procedure:
    1. Defining the problem. 2. Decision on facts gathering procedure. 3. Data collection. 4. The marketing sample. 5. Data evaluation. 6. Interpreting the data. 7. Preparation of report. 8. Follow up action.

    Methods and Sources of Conducting Marketing Research:
    Primary Data:
    Meaning: data which is collected directly from the population without any help of third source is called as primary data.
    The methods of conducting marketing research are broadly classified into the following four categories:
    (1) Desk Research: In desk research, the required information for research work is collected from published and other written sources of information available. Desk research is useful for the collection of secondary data. Secondary data are already collected for some other purpose but can be used conveniently by borrowing the same. Desk research is a type of in-house research.
    (2) Field Research/Investigation: In field investigation/survey method, the required information is collected from the consumers, dealers and others connected with marketing. In addition, consumers surveys are also conducted for this purpose. The data collected from such field investigation are called primary data.
    (3) Observation Method: In observation method, the required information is collected through actual physical observation of one or more phenomena under study. This method is also useful for the collection of primary data.
    (4) Experimentation Method: In experimentation method/ the required information is collected through a small scale experiment under controlled conditions. This method is used for primary data collection.

    SOURCES OF PUBLISHED INFORMATION (SECONDARY DATA):
    In the desk research, published information is used extensively. Such information is available from internal and external sources. Normally, information (secondary data) for desk research is available from the following sources:
    (A)   External Sources:
    External sources are the reports and publications of various agencies including commercial press. External sources are used when internal records are not adequate or do not provide the required information readily.
    (1)   Trade Journals: Trade journals are published regularly for the information and guidance of business community. They collect and publish commercial information regularly. Some journals even conduct surveys and publish- the data collected. Companies can subscribe to suitable journals and use the information published therein. A researcher can even refer to back issues of known journals for reference purpose. In India, large number of trade journals are published. They include, "Business Today", "Business India" and so on. Even business newspapers (e.g.. Economic Times) publish varied information on industrial, financial and economic matters. Such information can be used for research purpose.
    (2)   Directories: Trade directories are published by different agencies like chambers of commerce and trade associations. They supply information in a compact form to researchers for different purposes.
    (3)   Subscription Services / Syndicated Services: Some commercial organisations collect and supply information on specific subject/subjects regularly to its subscribers. Interested companies should pay the subscription fees periodically and in return they get required information in a compact form which can be used for research purpose.
    (4)   Publications of Trade Associations and Chambers of Commerce: These associations collect and supply trade information to their members through journals, special reports, annual reports, booklets and other publications. Sometimes, surveys and special studies are conducted and the reports are given wide publicity through such publications. These associations maintain reference libraries for the benefit of their members and researchers where Indian as well as foreign journals are made available for reference purpose.
    (5)   Publications of Management and Economic Consultants: Management consultancy companies collect information on business matters and give publicity to the same. This information is useful for research purposes. Even the research reports prepared by MR organisations can be used in the desk research
    (6)   Publications of Banks and Financial Institutions: Banks, financial institutions, investment trusts and stock exchanges publish information on financial matters through their annual reports and other publications. In India, RBI publishes information on all aspects of Indian economy regularly. Such publications provide reliable statistical information to researchers.
    (7)   Company Reports: Public limited companies publish their annual reports and financial statements which contain information about their activities and also about general economic situation in the country. Such reports can be used for desk research purpose
    (8)   Specialised Libraries: In cities like Mumbai and Delhi, specialised libraries are available. They provide whatever information is required by researchers. Even the libraries of foreign embassies are useful for data collection on commercial matters
    (9)   Government Publications and Publications of International Organisations: Government departments, public corporations and other government agencies publish information of varied nature through their publications. Census reports are also published by the government. Such reports provide valuable information to researchers. Along with this, international agencies like IMF, WTO, FAO and other agencies of United Nations publish useful information on trade, finance and other economic matters. Such information can be used for desk research.

    (B)   Internal Sources:
    Along with external sources of secondary data, internal sources also supply sufficient information for research purpose. Internal sources are the documents, registers, and records (accounting and sales force) available within different departments of the organisation itself. Huge internal data are available within the organisation but in an unorganised manner. Such data need to be collected and arranged properly before actual use in the research project. Researchers go to external sources when they are unable to get required data within the organisation itself. Various departments of the company can provide information in the form of
    (1)   Periodical statements, reports and statistical data.
    (2)   Past research reports, files, documents and correspondence of the company are also useful for reference purpose.
    (3)   Sales orders, customer's complaints and sales reports of different areas are useful for marketing research.
    (4)   Salesmen’s reports are useful for securing information about market situation.

    Survey Method:
    Methods of Field Investigation/Market Survey:
    Survey methods are useful for the collection of primary data through interviewing. Field work calls for a lot of managerial and administrative skills on the part of the research agency. It should be properly planned and also supervised. The time schedule of field work must be strictly followed and the responses must be recorded accurately and honestly. Every survey method has its special features, advantages and limitations. A researcher should select suitable survey method for his research project and use it in a systematic manner. It is not possible to treat specific survey method as the best. The researcher has to consider the nature of research project, the type of information required, funds and time available, etc. and select one or two suitable survey methods. The use of survey method is essential for the collection of primary data on a marketing problem under investigation.

    Field investigation is one of the most widely used MR methods. Field investigation methods are important, as they are more accurate and reliable. Here, direct communication is established with the consumers and information is collected by asking relevant questions. Naturally, the information collected is accurate, first hand and factual. The conclusions drawn from such data are more accurate/reliable.

    The rate of response to field investigation is generally positive. Investigators can even collect additional information through personal interviews. It is not possible to study market situation and consumer needs by reading published information. In this sense, field research is superior to desk research.

    All companies give special importance to field investigation and use it as a good supplement to desk research. Market survey/field investigation is normally used if the required data are not available from the company's internal records or from external published sources. MR will not be comprehensive, complete and reliable unless field investigation is conducted extensively. In fact, the quality of research work and its practical utility in decision-making depend on the extent to which field investigation is carried out. This clearly suggests the importance of field investigation in MR.

    There are four important methods used in field investigation/survey. These survey methods are:
    (a)    Mail surveys
    (b)   Telephone surveys
    (c)    Personal interviews
    (d)   Panel Research.
     

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